The native Token of WalletConnect, WCT, is not only a functional Token but also grants holders the right to participate in project governance. Recently, the community voted on several proposals, including whether to support the Cosmos ecosystem and important decisions such as adjusting the inflation rate of stake rewards.

However, as the voting progressed, a concerning issue emerged: the top ten addresses control 35% of the voting power. This phenomenon has sparked strong attention and discussion within the community regarding centralization risks.

In response to the community's doubts, the WalletConnect team has made a commitment to launch an "one coin, one vote" optimization plan in the future to reduce the excessive influence of large holders on voting results. This initiative aims to balance voting power, ensuring that the voices of small coin holders are also fully heard.

But can this governance model really achieve fairness? Or will the governance rights of WCT ultimately still become a "game for the big players" no matter how it is optimized? This question has sparked widespread thinking and debate.

In fact, the allocation of governance rights has been a tricky issue in many cryptocurrency projects. How to ensure the stable development of the project while fully embodying the spirit of decentralization is a challenge that every project needs to face.

The governance model of WCT will undoubtedly become a case worth paying attention to. It not only concerns the future development of the WalletConnect project itself but may also provide valuable references and insights for the governance mechanisms of other cryptocurrency projects.

With the continuous development of the cryptocurrency industry, we look forward to seeing more innovative governance solutions emerge, truly realizing the decentralization of power and allowing every holder to genuinely participate in the decision-making of the project.